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FINANCIAL NEWS
Al Shiddi launches $267m project in Bosnia
08 Apr 2010
(MENAFN) The Chairman of Al Shiddi, a Saudi business group, said in an interview that the firm is building hotels and a multi-purpose complex in Sarajevo worth up to $267.3 million, Reuters reported.
He pointed out that the Sarajevo City Centre will include a five-star hotel, a business and shopping centre and underground five-storey car-park for over 1,200 cars in the heart of the Bosnian capital, next to the parliament and government building.
The Riyadh-based group, which deals with real estate, trade and agriculture, is also building a four-star hotel in a newer section of Sarajevo, worth $40 million, which should be completed at the end of this year, the chairman said.
Al Shiddi said it took three years to get construction permits for the project. But, he said, if the project is successful other investors from the Middle East will follow his example.
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